Survey Finds Neither Economic Uncertainty Nor Threat of War Will Deter Americans from Buying Cars
SUNNYVALE, Calif.--Oct. 30, 2002--According to a Yahoo! Autos survey conducted by Harris Interactive, one in three consumers plan to purchase or lease their next vehicle by the end of 2003. Of those consumers, 79 percent said that manufacturer incentives will weigh more heavily on their purchasing decision than the current economy (66 percent) or the potential war with Iraq (34 percent).
"In light of the ongoing economic uncertainty, this strong intent to purchase an automobile by a significant portion of the population is encouraging news for both consumers and auto manufacturers," said John McElroy, automotive industry expert. "Also, given the fact that incentives have already spurred strong sales this year, the indication that such a large number of people plan to buy a car in the near future is surprising but indicative of the power of the great deals available right now."
The Yahoo! Autos survey confirms that auto manufacturers are on the right track by offering incentives such as zero percent financing and rebates on new vehicles, with almost four out of five potential car buyers (79 percent) saying that incentives will influence their decision more than any other factor. "These incentives help push consumers past many concerns they may have about the economy or the threat of war," said McElroy. "The deals are just too good to be ignored."
The role of the Internet in car buying grows in importance
Also noted in the survey is the fact that one in three consumers now use the Internet as their primary method for researching a new vehicle before purchase. While the numbers show that the majority of consumers (50 percent) still visit a dealership as their primary method of research, a J.D. Power study reported that 60 percent of new car buyers turn to automotive sites like Yahoo! Autos for useful research tools and objective information at some point in the car buying process.
"Instead of traipsing from dealership to dealership for information, consumers can now easily do all of their research online," said Ramy Mora, Yahoo! Autos senior marketing manager. "As more consumers discover the convenience and benefits of online auto shopping, more will rely on the Internet to help them make car-buying decisions." According to Jupiter Media Metrix, 37 percent of all new car sales will be the direct result of a specific purchase decision made online by 2007.
The Yahoo! Autos survey, conducted by Harris Interactive, is based on responses from 2,766 consumers between October 16-18, 2002.
About Yahoo! Autos
Yahoo! Autos (http://autos.yahoo.com) is a highly objective automotive Web site for researching buying, selling, researching and maintaining automobiles and motorcycles. Yahoo! Autos is the only place where car buyers can access content from Kelley Blue Book, Consumer Reports and Edmunds.com all in one location. New car buyers can read consumer and expert reviews, research models and pricing or compare features. Used car buyers can browse classified ads or auctions across the United States for the car of their choice. Sellers can post pre-owned vehicles for sale on Yahoo! Classifieds. Yahoo! Autos is also a pit stop for parts and accessories guidance and includes a personalized option to track maintenance and service intervals. Car enthusiasts also can enjoy automobile communities on Yahoo!, including clubs, message boards and chat rooms.
